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IEA: Russia forever lost its status as a leading energy power

28 Oct, 2022
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IEA: Russia forever lost its status as a leading energy power

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According to IEA forecasts, by 2030, Russia will lose about $ 1 trillion in revenues that were brought by the export of natural resources.


The war against Ukraine forever deprived the Russian Federation of the status of a leading energy power, and hastened the end of the "golden gas age" and accelerated the world's transition to renewable energy sources.

This is stated in the annual forecast of the International Energy Agency (IEA).

"Until February 24, Russia was the world's first exporter of fossil energy resources. But Russia has lost its most important customer and market - Europe. It will be very difficult for Russia to compensate for the loss of the European market. It is difficult both economically, technologically and politically. Therefore, the production and export of oil and gas from Russia will decline in the coming years. Russia will play a much smaller role in global energy," Fatih Birol, head of the IEA, said at a briefing.

According to IEA forecasts, by 2030, Russia will lose about $ 1 trillion in revenues that were brought by the export of natural resources.

In addition, Russian fossil fuel exports will always return to 2021 levels. At the same time, it will be challenging for Russia to reorient the market to Asia. This is especially true for natural gas.

"Some people think that where Europe loses, China wins. It's not so simple. In addition to infrastructure restrictions, China is also changing, and gas demand growth in China will be much more modest than it was before. Therefore, we do not see China's demand for another major gas pipeline from Russia in addition to the Power of Siberia," Birol noted.


The Odessa Journal

The Odessa Journal

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